ThinkMarkets review 2023: 5 things you should know

ThinkMarkets is a respected international broker that has been in business since 2010. The broker operates in all major financial hubs – the Asia-Pacific, Middle East and North Africa, Europe, and South America, and its reputation in the trading industry is quite impeccable. It is also the winner of many prestigious awards such as Best Trading Platform and Best Mobile Trading App (World Finance), Best CFD Provider (London Wealth Management Awards), Best Customer Service Provider (Business Outlook), etc.

ThinkMarkets is not only multi-regulated and trustworthy – it also offers access to an amazing trading environment. Clients will be able to choose between multiple advanced trading platforms, trade on all major markets, get access to many free educational materials, and trade with very tight spreads. Moreover, ThinkMarkets is an extremely affordable broker that charges low fees.

If you are looking for a good broker to start trading with, ThinkMarkets should definitely be among those you take into account.

ThinkMarkets REGULATION AND SAFETY OF FUNDS

ThinkMarkets is a multi-regulated international broker with offices all over the world. The broker was established as far back as 2010 and is headquartered in London and Melbourne – two main financial hubs. Needless to say, that means that ThinkMarkets is regulated by both the Financial Conduct Authority (FCA) of the UK and the Australian Securities and Investment Commission (ASIC). Later on, the broker obtained a license from the Cyprus Securities and Exchange Commission (CySEC) and the South African Financial Sector Conduct Authority (FSCA) and the Financial Services Agency (FSA) in Japan. This means that ThinkMarkets is licensed by all the strictest, most trusted regulators for their respective reasons.

Additionally, ThinkMarkets has an offshore branch in Seychelles and is regulated by the Financial Services Authority (FSA) of Seychelles.

ThinkMarkets’ FCA license

UK’s FCA is a top-tier financial authority that only licenses brokers that have proven their reliability. There are many requirements such brokers have to meet. First of all, they have to maintain a minimum capital of €730 000 to prove their financial stability. That number, however, can go much higher if the broker has many clients to tend to. UK brokers have to participate in the Financial Services Compensation Scheme (FSCS). That guarantees that in case your broker becomes insolvent, you will receive compensation of up to £85 000. Such brokers always provide Negative Balance Protection – this means that you can never lose more money than you have in your account at the time. Finally, they have to keep client funds in segregated accounts to which the broker itself has limited access. You can be sure that your broker would not be using your money for its own purposes – or that it would not end up losing it if it becomes insolvent.

ThinkMarkets’ CySEC license

The requirements for all EU brokers are pretty much the same as those for UK brokers. The only difference is the size of the compensation you will be receiving in the unlikely event of a broker becoming insolvent – up to €20 000.

ThinkMarkets’ ASIC license

Unlike UK and EU brokers, Australian ones do not have to participate in compensation funds. On the other hand, Negative Balance Protection and segregation of client funds are still mandatory. The minimum capital requirements are also pretty similar – at least A$1 million.

ThinkMarkets’ FSCA license

The requirements for South African brokers are slightly different than those for brokers in the UK, the EU, and Australia. There are no specific minimum capital requirements but the broker has to prove that it can cover all potential expenses and debt. They also have to have a local office and must be evaluated based on reputation, financial stability, and employee qualifications.

ThinkMarkets’ FSA license

The financial regulator of Seychelles is hardly the strictest in the world – but it still has some requirements for those wishing to offer brokerage services. Local brokers must prove that they hold a minimum capital of $50 000 but that money can later be used for other purposes. Finally, all local brokerage companies must have at least 2 shareholders and 2 directors even though the same person can act as both a shareholder and a director.

Although we generally do not advise readers to trade with offshore brokers, you can definitely still trust an offshore branch of an established international brand such as ThinkMarkets. Such brokers have a solid reputation and create offshore offices with the only purpose of offering better conditions to their clients.

ThinkMarkets TRADING SOFTWARE

ThinkMarkets offers a variety of platforms to choose from. The broker allows you to trade both on the two most well-known platforms in the industry – MetaTrader 4 and MetaTrader 5 – and on its own trading platform – ThinkTrader.

ThinkTrader

The broker’s own platform – ThinkTrader – actually provided an exquisite trading experience. The software’s intuitive interface made it very user-friendly. As a whole, the platform had a very modern, sophisticated look. ThinkTrader offers 80 different indicators, 50 drawing tools, and 14 chart types – in other words, a more than satisfying charting and analysis package. You would also be able to use 200 free cloud-based notifications and a feature called TrendRisk Scanner. As the name suggests, this tool allows you to scan various markets and spot trades that might turn out to be profitable. Last but not least, you will get access to a built-in economic calendar and a live stream of news directly on the platform.

MetaTrader 4 and MetaTrader 5

ThinkMarkets also offers the leading platforms MT4 and MT5. These platforms have been the most popular in the industry for decades and for good reasons. They are still fairly easy to navigate – but they also provide access to an amazing number of tools and features. We should mention the famous Expert Advisors – trading bots that clients can use to track markets and trade automatically. You can use the platforms’ own EAs or develop your own – from scratch or with the help of building blocks. Another option is setting signals for prices going up or down, or subscribing to those set by other traders. Both platforms offer exquisite Strategy Testers that will allow you to see how well your trading bots would cope before actually using them. You will also get access to a vast market where you can purchase additional tools.

MT5 comes with some additional features such as a netting option, a community chat, and a built-in economic calendar. MT5 also offers a more extensive charting and analysis package.

The chance to pick between so many great platforms is a definite perk of opening an account with ThinkMarkets. Surely, traders of all experience levels will find the type of software to fit their specific needs.

ThinkMarkets TRADING CONDITIONS

ThinkMarkets offers two different account types – a Standard account and a ThinkZero account. Upon request, both of these accounts can be swap-free. The possible base account currencies are EUR, USD, AUD, CHF, GBP, JPY, CAD, NZD, and SGD.

ThinkMarkets offers access to all major markets – forex, CFDs on equities, cryptocurrencies, commodities, indices, and futures.

The trading conditions the broker offers vary a little depending on which of its branches you are working with. UK, EU, and Australian retail clients, for example, are not allowed to trade with leverage higher than 1:30 on forex majors which is why this is the maximum rate ThinkMarkets offers in these jurisdictions. Traders working with the broker’s other branches, on the other hand, can trade with leverage as high as 1:500. Other than that, the terms are pretty much the same for all clients.

The good thing about the ThinkMarket Standard account is that there no specific minimum deposit is required – you would be able to start trading with as little as $1 if you want to. This makes this account a perfect choice for those who are just starting out or want to see what the broker has to offer without investing a lot of money. That does not mean that the Standard account is not a great option for more advanced traders since the overall conditions are still more than great.

Spreads on the Standard account start from 0.4 pips but the average spread the broker promised was 1.2 pips. This is already better than the industry average but what we got when we opened an account was 0.8 pips on EURUSD. This makes the spreads ThinkMarkets offers much better than what you would get with most brokers.

The spreads on the ThinkZero account start from 0 pips with an average of 0.1 pips. There is an additional commission of $3.5 (€3) per side you should take into account. That means that you will have to pay around $8 for every lot you pay. Since the price of a pip per lot is $10, opening a ThinkZero account might turn out to be a slightly better option. The minimum deposit for this kind of account is still relatively low – $500. An additional perk of the ThinkZero account is that you would be getting an account manager.

ThinkMarkets offers 24/7 customer support and a free VPS service on both of its accounts.

ThinkMarkets EDUCATIONAL MATERIALS

Beginner and intermediate traders alike would be able to benefit from the wide variety of free educational materials ThinkMarkets has to offer. The broker offers trading tutorials for clients of all experience levels, as well as multiple live investing webinars. The broker also makes sure to regularly update its knowledge base and offers many guides, articles, information on indicators and chart patterns, and an extensive glossary.

ThinkMarkets DEPOSIT AND WITHDRAWAL METHODS AND FEES

ThinkMarkets itself does not charge any deposit or withdrawal fees on any of the payment solutions it accepts. Keep in mind, however, that your payment solution provider might so go through their terms to see if any sort of fees might occur.

As mentioned, there is no specific minimum deposit amount for the Standard account, and the minimum deposit required to open a ThinkZero account is $500. There are no minimum withdrawal amounts either.

The methods you would be able to use to make a payment depend on the branch of the broker you are working with.

Wire Transfer and BPay deposits usually take between 1 and 3 business days to register while those made with Visa/MasterCard are instant. If you have used an electronic payment solution or crypto, your payment will probably pass through within 24 hours.

BOTTOM LINE

If you want to start trading with a reliable broker that offers amazing trading conditions, checking out ThinkMarkets should be your top priority list. This established global brand has a lot to offer you in all regards. Do not hesitate to open a demo account with the broker to see if they are the right fit for your needs.